City passes on buying Harlem site that recently had deed restriction lifted

BRP Companies closed on the property in April

New York /
May.May 23, 2016 09:07 AM

The city is backing away after making overtures to buy a Harlem site owned by BRP Companies where officials recently approved the lifting of a deed restriction.

The city’s School Construction Authority approached BRP about 4 weeks ago, the Wall Street Journal reported, but abruptly reversed itself last week.

The discussions come against the background of scrutiny by federal, state and local law enforcement officials of a deal to lift the deed restriction at 45 Rivington Street on the Lower East Side, that ultimately led to the property selling for $116 million to Slate Property Group, Adam America Real Estate and China Vanke, who planned to build luxury condos there.

BRP bought the Harlem site, at 841 St. Nicholas Avenue, for $3.1 million, closing in April. The seller, the Dance Theater of Harlem, paid the city $875,000 to lift a restriction on the property that limited it to nonprofit cultural use.

Before the city approached it, BRP said it was planning a 12-unit affordable rental building on the site. [WSJ]Ariel Stulberg


Related Articles

arrow_forward_ios
Meredith Marshall (Photo by Emily Assiran)
“We need more housing”: Q&A with BRP Companies’ Meredith Marshall
“We need more housing”: Q&A with BRP Companies’ Meredith Marshall
BRP Companies’ CEOs Geoff Flournoy and Meredith Marshall with an aerial 270 Nostrand Avenue in Bed-Stuy (Photos via BRP; Google Maps)
BRP Companies seeks rezoning for huge Bed-Stuy development
BRP Companies seeks rezoning for huge Bed-Stuy development
Watch BRP Companies’ Meredith Marshall on Coffee Talk
BRP’s Meredith Marshall: “We get the story wrong in New York”
BRP’s Meredith Marshall: “We get the story wrong in New York”
Rendering of La Central (Courtesy of FXCollaborative)
Here are the details on the next building in the Bronx’s La Central development
Here are the details on the next building in the Bronx’s La Central development
Here’s what the $20M-$30M NYC investment sales market looked like last week
Here’s what the $20M-$30M NYC investment sales market looked like last week
Here’s what the $20M-$30M NYC investment sales market looked like last week
BRP's Meredith Marshall and The Rennie
BRP scraps affordable rentals at Harlem project, will sell condos instead
BRP scraps affordable rentals at Harlem project, will sell condos instead
BRP buying Jamaica dev site for $55M
BRP buying Jamaica dev site for $55M
BRP buying Jamaica dev site for $55M
Jeff Sutton and BRP planning 300-unit Jamaica project
Jeff Sutton and BRP planning 300-unit Jamaica project
Jeff Sutton and BRP planning 300-unit Jamaica project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...